NEW YORK: Management of Sard Verbinnen & Co., formerly Citigate Sard Verbinnen, has officially purchased 51% of the agency from Huntsworth, its holding company.
The buyout was announced last year. The terms dictated that management would pay Huntsworth $2.5 million this month in return for the majority stake, then pay the balance of the $20 million purchase price over the next three years.
The agency confirmed that the first stage of the buyout has now taken place.
Chairman and CEO George Sard said in a statement that "There will be no change in how we work with our clients" as a result of the buyout.
Huntsworth decided to sell ownership of the agency as part of a consolidation following its acquisition of Incepta.